Algert Global LLC Has $446,000 Holdings in Madison Square Garden Entertainment Corp. (NYSE:MSGE)

Algert Global LLC trimmed its position in Madison Square Garden Entertainment Corp. (NYSE:MSGE) by 11.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,027 shares of the company’s stock after selling 1,603 shares during the quarter. Algert Global LLC’s holdings in Madison Square Garden Entertainment were worth $446,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Madison Square Garden Entertainment in the 1st quarter worth approximately $23,032,000. Long Pond Capital LP purchased a new stake in shares of Madison Square Garden Entertainment in the second quarter valued at $12,407,000. Epoch Investment Partners Inc. acquired a new stake in shares of Madison Square Garden Entertainment in the first quarter worth $13,076,000. Jacobs Levy Equity Management Inc. grew its holdings in shares of Madison Square Garden Entertainment by 4,353.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 284,639 shares of the company’s stock valued at $11,161,000 after buying an additional 278,247 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in Madison Square Garden Entertainment by 48.6% during the second quarter. Federated Hermes Inc. now owns 569,884 shares of the company’s stock valued at $19,507,000 after buying an additional 186,475 shares during the period. 96.86% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Philip Gerard D’ambrosio sold 6,000 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $42.43, for a total transaction of $254,580.00. Following the transaction, the executive vice president now owns 12,192 shares of the company’s stock, valued at approximately $517,306.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 18.72% of the company’s stock.

Madison Square Garden Entertainment Stock Performance

Shares of MSGE opened at $41.17 on Tuesday. The firm has a market cap of $1.69 billion, a PE ratio of 35.68, a PEG ratio of 3.64 and a beta of 0.13. The firm’s 50 day moving average price is $40.23 and its 200 day moving average price is $38.11. Madison Square Garden Entertainment Corp. has a twelve month low of $27.55 and a twelve month high of $42.99.

Madison Square Garden Entertainment (NYSE:MSGE) last released its quarterly earnings results on Friday, August 16th. The company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $1.97. The business had revenue of $186.10 million for the quarter, compared to the consensus estimate of $173.26 million. Madison Square Garden Entertainment had a net margin of 15.04% and a negative return on equity of 138.81%. Madison Square Garden Entertainment’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.47) EPS. On average, sell-side analysts anticipate that Madison Square Garden Entertainment Corp. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on MSGE. Macquarie raised their price objective on Madison Square Garden Entertainment from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Bank of America boosted their price objective on shares of Madison Square Garden Entertainment from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Morgan Stanley increased their target price on shares of Madison Square Garden Entertainment from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Finally, The Goldman Sachs Group upgraded shares of Madison Square Garden Entertainment from a “neutral” rating to a “buy” rating and boosted their price target for the company from $41.00 to $45.00 in a report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.20.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.